Lendingtree Inc (TREE) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to LendingTree Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Andrew Wessel, Vice President, Investor Relations.

美好的一天，謝謝你的支持。歡迎來到 LendingTree 2022 年第四季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的演講者，投資者關係副總裁 Andrew Wessel。

Thank you, Michelle, and good morning to everyone joining us on the call this morning to discuss LendingTree's Fourth Quarter 2022 Financial Results. On the call today are Doug Lebda, LendingTree's Chairman and CEO; J.D. Moriarty, President of Marketplace and COO; Trent Ziegler, CFO; and Scott Peyree, President of Insurance. As a reminder to everyone, we posted a detailed letter to shareholders on our Investor Relations website earlier today. And for the purposes of today's call, we will assume that listeners have read that letter and will focus on Q&A.

謝謝你，米歇爾，早上好，今天早上所有加入我們討論 LendingTree 2022 年第四季度財務業績的電話會議。今天參加電話會議的有 LendingTree 的董事長兼首席執行官 Doug Lebda； J.D. Moriarty，Marketplace 總裁兼首席運營官；特倫特齊格勒，首席財務官；和保險總裁 Scott Peyree。提醒大家，我們今天早些時候在我們的投資者關係網站上發布了一封詳細的致股東信。為了今天電話會議的目的，我們假設聽眾已經閱讀了那封信，並將專注於問答環節。

Before I hand the call over to Doug for his remarks, I remind everyone that during today's call, we may discuss LendingTree's expectations for future performance. Any forward-looking statements that we make are subject to risks and uncertainties, and LendingTree's actual results could differ materially from the views expressed today. Many but not all of the risks we face are described in our periodic reports filed with the SEC. We will also discuss a variety of non-GAAP measures on the call today, and I refer you to today's press release and shareholder letter, both available on our website for the comparable GAAP definitions and full reconciliations of non-GAAP measures to GAAP. And with that, Doug, please go ahead.

在我將電話轉交給道格發表評論之前，我提醒大家，在今天的電話會議中，我們可能會討論 LendingTree 對未來業績的預期。我們所做的任何前瞻性陳述都存在風險和不確定性，LendingTree 的實際結果可能與今天表達的觀點存在重大差異。我們向美國證券交易委員會提交的定期報告中描述了我們面臨的許多但並非所有風險。我們還將在今天的電話會議上討論各種非 GAAP 措施，我建議您參考今天的新聞稿和股東信，兩者都可以在我們的網站上找到，以了解可比的 GAAP 定義和非 GAAP 措施與 GAAP 的完全對賬。道格，請繼續。

Thank you, Andrew, and thank you all for joining us today. We are excited to provide earnings results this morning. But first, I wanted to call attention to our launch of the LendingTree win card. Our first product introduction and the reimagining of the -- my LendingTree offering that was announced this morning. We believe the win card offered exclusively to -- my LendingTree members will improve user engagement as the 2% cash-back feature is only unlocked when cardholders log in into the LendingTree account.

謝謝你，安德魯，感謝大家今天加入我們。我們很高興今天早上提供收益結果。但首先，我想提醒大家注意我們推出的 LendingTree 獲勝卡。我們的第一個產品介紹和今天早上宣布的我的 LendingTree 產品的重新構想。我們相信專為我的 LendingTree 會員提供的 win 卡將提高用戶參與度，因為 2% 的現金返還功能只有在持卡人登錄 LendingTree 帳戶時才會解鎖。

And because the win card is among the first cards to be integrated with our TreeQual product, we are expecting approval rates to be substantially higher, which will also improve our unit economics and customer satisfaction. We have many new features and products like this planned for introduction as we move through 2023 and beyond. The focus of all of this work is to combine our market-leading partner network with a best-in-class customer experience. We believe the innovative products, such as the win card, in addition to the planned enhancements we are hard at work on will make -- my LendingTree the leading destination for our customers to shop for all of their product needs.

由於 win 卡是首批與我們的 TreeQual 產品集成的卡片之一，我們預計批准率會大大提高，這也將提高我們的單位經濟效益和客戶滿意度。我們計劃在 2023 年及以後推出許多類似的新功能和產品。所有這些工作的重點是將我們市場領先的合作夥伴網絡與一流的客戶體驗相結合。我們相信，除了我們正在努力進行的計劃改進之外，諸如 win 卡之類的創新產品將使 -- my LendingTree 成為我們客戶購買所有產品需求的主要目的地。

Moving on to our results. In the fourth quarter, our Insurance division posted excellent results. This can be attributed to initiatives that Scott and our insurance team put in place to focus on higher intent customer traffic to help our insurance partners improve conversion rates. Because of this, we were able to capture increased budgets from insurance carriers and at the same time, reducing marketing costs. The team did a tremendous job executing on all of these projects which led to margin improvements by a full 6 points from the third quarter. When carriers spend returns to normalized levels, we expect these initiatives will be rewarded with increased market share. Our Home segment, not surprisingly, faces a very challenging part of the interest rate cycle. The Fed's commitment to higher rates to subdue inflation will continue to have a negative impact on new mortgage loan demand.

繼續我們的結果。第四季度，我們的保險部門取得了優異的成績。這可以歸因於 Scott 和我們的保險團隊採取的舉措，以專注於更高意向的客戶流量，以幫助我們的保險合作夥伴提高轉化率。因此，我們能夠從保險公司獲得增加的預算，同時降低營銷成本。該團隊在執行所有這些項目方面做得非常出色，導致利潤率比第三季度提高了整整 6 個百分點。當運營商支出回報達到正常水平時，我們預計這些舉措將獲得更高的市場份額作為回報。毫不奇怪，我們的家庭業務部門面臨著利率週期中極具挑戰性的部分。美聯儲承諾提高利率以抑制通貨膨脹，這將繼續對新的抵押貸款需求產生負面影響。

Additionally, lenders are seeing lower conversion rates because there is less benefit to refinancing as interest rate rates rise. A close integration with our largest partners helped us to quickly pivot to sourcing cash-out borrowers who are looking to tap the substantial amount of equity they enjoy as homeowners today. This year, we expect cash out transaction will remain the bulk of our revenue opportunity in home. However, our key growth initiative within the segment is to gain share in the purchase market by improving close rates for our partners. To the extent we see a pickup in purchase application rates as we move through the year, we believe this project will have a positive impact on our financial results.

此外，貸款人看到較低的轉換率，因為隨著利率上升，再融資的好處減少。與我們最大的合作夥伴的緊密結合幫助我們迅速轉向尋找套現借款人，這些借款人希望利用他們今天作為房主所享有的大量股權。今年，我們預計套現交易仍將是我們在國內的大部分收入機會。然而，我們在該細分市場中的主要增長舉措是通過提高合作夥伴的成交率來獲得採購市場的份額。就我們在這一年中看到採購申請率有所回升而言，我們相信該項目將對我們的財務業績產生積極影響。

In our consumer segment, we saw throughout the second half of 2022, lenders tightened underwriting criteria due to higher interest rates and the slowing effect they have on our economy. A stricter credit environment generally leads to lower close rates for our lenders, which reduces our revenue. Despite the decline in fourth quarter consumer revenue, we were able to grow segment profit by relentlessly focusing on unit economics. Our growth initiatives in consumer include completing technology enhancements for our credit card business, which we believe will help to improve financial results going forward. In small business, we are also implementing technology solutions to automate capture of applicant financial data, which will help better segment our traffic for our lending partners to also increase close rates.

在我們的消費者領域，我們看到整個 2022 年下半年，由於利率上升以及它們對我們經濟的影響放緩，貸款人收緊了承保標準。更嚴格的信貸環境通常會降低我們貸方的收盤利率，從而減少我們的收入。儘管第四季度消費者收入下降，但我們能夠通過堅持不懈地關注單位經濟效益來增加分部利潤。我們在消費者領域的增長舉措包括完成信用卡業務的技術改進，我們相信這將有助於改善未來的財務業績。在小型企業中，我們還實施了技術解決方案來自動捕獲申請人的財務數據，這將有助於更好地為我們的貸款合作夥伴劃分我們的流量，從而提高成交率。

Additionally, we remain intensely focused on our operating expenses. We recognize it is a key financial metric that is entirely within our control. The variable marketing model this company was built around is designed to avoid outspending the revenue opportunity available. And similarly, it is our job to properly manage our fixed costs based on our outlook for future revenue. We will invest in projects when we see an attractive risk-adjusted return. We are doing that currently to support the improved customer experience and our other key growth initiatives. However, we will also move quickly to decrease funding for parts of our business that are unable to meet return targets, evidenced by our exit from the reverse mortgage segment in the fourth quarter. This commitment to financial discipline will remain a key tenet of our day-to-day activities as a leadership team. And now operator, I'd be happy to open the call for questions.

此外，我們仍然非常關注我們的運營費用。我們認識到這是一個完全在我們控制範圍內的關鍵財務指標。該公司建立的可變營銷模型旨在避免超出可用的收入機會。同樣，我們的工作是根據我們對未來收入的展望來妥善管理我們的固定成本。當我們看到有吸引力的風險調整後回報時，我們將投資項目。我們目前正在這樣做，以支持改進的客戶體驗和我們的其他關鍵增長計劃。然而，我們也將迅速採取行動，減少對無法達到回報目標的部分業務的融資，我們在第四季度退出反向抵押貸款業務就證明了這一點。這種對財務紀律的承諾將仍然是我們作為領導團隊日常活動的關鍵原則。現在接線員，我很樂意打開問題電話。

(Operator Instructions) Our first question comes from Youssef Squali with Truist.

（操作員說明）我們的第一個問題來自 Youssef Squali with Truist。

So a couple of questions for me. One on credit card, Doug. Can you maybe talk about what you're seeing there? It seems like you may be losing a little bit of share there, yet you just talked about plan initiatives to kind of reverse that? Maybe can you speak through exactly what you're doing there to help reaccelerate that business in 2023. And then on this obligatory question about large language models and like ChatGPT and potential impacts on the business. So maybe can you at a high level, talk about how you're expecting that to impact both the search financial products, et cetera, so the demand side, but also on the content creation side, which could actually be a nice or potentially a good...

所以有幾個問題要問我。一個在信用卡上，道格。你能談談你在那裡看到了什麼嗎？看起來你可能在那裡失去了一點份額，但你剛剛談到了扭轉這種局面的計劃舉措？也許你能準確地說出你在那裡所做的事情，以幫助在 2023 年重新加速該業務。然後是關於大型語言模型的強制性問題，如 ChatGPT 和對業務的潛在影響。所以也許你能不能在高層次上談談你期望這將如何影響搜索金融產品等等，所以需求方面，但也可以在內容創建方面，這實際上可能是一個很好的或潛在的好的...

ChatGPT. So I got card and I got A1/ChatGPT, right? -- if I got that correct. So on card, and I'll let J.D. chime in here, I'll at the high level, high notes. -- with every credit card marketplace on the Internet, you typically have what we refer to as a click-out model. What we're trying to do there with both TreeQual and the win card is to have access to the real underwriting criteria of lenders so that we can improve close rates. On AI and ChatGPT, we're using more machine learning and AI right now, although it's something that we would potentially want to look at one of the key initiatives that we have is I talked a lot about close rates -- and if you dig into mortgage, which is a long-cycle product, we need to improve our communication with consumers post submit, while lenders are making phone calls, and we have a lot of things on the docket to address that. But I would say AI is not one of them yet. But as it develops, I can certainly see that helping us improve our communications with consumers, but we're not there yet. J.D.?

聊天GPT。所以我拿到了卡，我拿到了 A1/ChatGPT，對吧？ ——如果我沒記錯的話。所以在卡片上，我會讓 J.D. 在這裡插話，我會在高水平，高音。 -- 對於互聯網上的每個信用卡市場，您通常都有我們所說的點擊模式。我們試圖用 TreeQual 和 win card 做的是獲得貸方的真實承保標準，以便我們可以提高收盤率。在 AI 和 ChatGPT 上，我們現在正在使用更多的機器學習和 AI，儘管這是我們可能想要研究的關鍵舉措之一，我已經談了很多關於收盤價的問題——如果你挖掘進入抵押貸款，這是一個長周期的產品，我們需要改善我們與消費者提交後的溝通，而貸方正在打電話，我們有很多事情要解決這個問題。但我想說人工智能還不是其中之一。但隨著它的發展，我當然可以看到這有助於我們改善與消費者的溝通，但我們還沒有做到這一點。 J.D.？

Just Youssef, let me focus on the first credit card question, which is really with regard to our credit card marketplace. We have a tech platform migration going on right now. Internally, we call that to the Lightspeed platform. That will make our page load speed faster. It will make partners interacting with us easier. It will make compliance, which is a very important thing in the credit card world way more efficient. And so the benefit for us and for all of our partners. So we're excited that work is going on in Q1. We are on schedule with it, and it will probably finish sometime in Q2. Now that's not the only solution to the credit card business for us, and we've talked about this in the past. We are way too dependent on paid search. And so we need to grow other marketing channels.

優素福，讓我關注第一個信用卡問題，這實際上與我們的信用卡市場有關。我們現在正在進行技術平台遷移。在內部，我們將其稱為 Lightspeed 平台。這將使我們的頁面加載速度更快。這將使合作夥伴與我們的互動更加容易。它將使合規性變得更加有效，這在信用卡世界中是非常重要的事情。這對我們和我們所有的合作夥伴都有好處。所以我們很高興第一季度的工作正在進行。我們正在按計劃進行，它可能會在第二季度的某個時候完成。現在這不是我們信用卡業務的唯一解決方案，我們過去已經討論過這個問題。我們太依賴付費搜索了。因此，我們需要發展其他營銷渠道。

So we've got actually very good. We're very happy that far with the progress in both CRM for credit card and specifically for SEO for credit card. Those are 2 focus areas. -- for us in terms of expanding marketing. Why is that important? Because all of our partners in credit card need us to get to certain volume targets. And if we hit those volume targets, we get paid more. And it becomes prohibitally expensive to do that if you were very dependent on one channel. So that's what we're doing in part. The other very important part of becoming more integrated with our partners and delivering them more volume is TreeQual. And so we continue to add partners there. It has been admittedly slower than we projected at the beginning of last year, but we think we are on the right track with the solution because, ultimately, that is driving conversion rates, right?

所以我們實際上非常好。到目前為止，我們對信用卡 CRM 和信用卡 SEO 方面的進展感到非常高興。這些是 2 個重點領域。 - 對我們來說，擴大營銷。為什麼這很重要？因為我們所有的信用卡合作夥伴都需要我們達到一定的數量目標。如果我們達到了這些數量目標，我們就會得到更多的報酬。如果您非常依賴一個渠道，那麼這樣做會變得非常昂貴。這就是我們正在做的部分工作。與我們的合作夥伴更加整合併為他們提供更多數量的另一個非常重要的部分是 TreeQual。因此，我們繼續在那裡增加合作夥伴。誠然，它比我們去年年初預計的要慢，但我們認為我們在解決方案方面走在正確的軌道上，因為最終這會提高轉化率，對吧？

In a typical experience, a typical click-out experience, we redirect the consumer from our site to that of a partner, and it will get approved, I call it, low teens percentage rates. -- when we're talking about something that is pre-approved, it is being -- it is converting at an 80% approval rate, right? So that's the definition of higher conversion. That is what we're focused on with TreeQual. And there are different paths for TreeQual with every partner partners what we found, what we've learned over the last years partners want to work with us in different ways, all of which we view to be an improvement over the current status quo. And so card, as you look at our -- each of our big businesses, it is the one that needs the most work in terms of what I'll call the structural margin profile. As we fix that, we think we'll be able to take market share but take market share in a way that does not hinder our financial performance.

在典型的體驗中，典型的點擊體驗中，我們將消費者從我們的網站重定向到合作夥伴的網站，它會獲得批准，我稱之為低青少年百分比率。 -- 當我們談論的是預先批准的東西時，它是 -- 它以 80% 的批准率轉換，對嗎？這就是更高轉化率的定義。這就是我們對 TreeQual 的關注。 TreeQual 與每個合作夥伴合作夥伴有不同的路徑，我們發現，我們在過去幾年中學到的合作夥伴希望以不同的方式與我們合作，我們認為所有這些都是對當前現狀的改進。所以卡，當你看我們 - 我們的每個大企業時，就我稱之為結構性利潤率概況而言，它是最需要工作的一個。當我們解決這個問題時，我們認為我們能夠佔據市場份額，但以不會妨礙我們財務業績的方式佔據市場份額。

And the only thing I'd add to what J.D. said is on the SEO front, as you move from our -- from the primary domain name for SEO being CompareCards and you move that content over to LendingTree. We expect that you have to take a dip first on your SEO traffic. And then as that builds up, we think the LendingTree domain will yield much better performance in SEO over time.

我唯一要補充的是 J.D. 所說的是在 SEO 方面，當你從我們的 - 從 SEO 的主要域名是 CompareCards 轉移時，你將該內容轉移到 LendingTree。我們希望您必須先降低 SEO 流量。然後隨著時間的推移，我們認為 LendingTree 域將隨著時間的推移在 SEO 中產生更好的性能。

Our next question comes from Jed Kelly with Oppenheimer.

我們的下一個問題來自 Jed Kelly 和 Oppenheimer。

Going to insurance, I think at the end of your shareholder letter, you sort of gave a -- you gave an outlook for insurance sort of that you're waiting for the carriers to sort of come back, judging by how some of your competitors have reported. It seems like carriers spending is sort of accelerating. So can you just talk about the arc of the recovery we should be expecting? And then can you just help us around the unit economics with Win card?

關於保險，我想在你的股東信的結尾，你給出了一個——你給出了一個你正在等待承運人回來的保險前景，從你的一些競爭對手如何判斷已報告。運營商支出似乎在加速增長。那麼，您能否談談我們應該期待的複蘇弧線？然後你能用 Win card 幫助我們解決單位經濟學問題嗎？

This is Scott. I'll start on the insurance first and then throw it back to the rest of the team for the win card. But yes, -- on the recovery of insurance, what I would call it and what I've been calling it is we're in the very early innings of the recovery, literally like the first inning of the recovery. It is happening. Revenue is going up. There's one large carrier in particular, is spending more aggressively than the rest in general. A lot of the rest of the carriers are still proceeding with caution at this point, but the conversations are more and more optimistic. There's more conversations. There's discussions of when and how the spinner is going to go up. There's testing in certain states with the carriers. But -- it's -- we're seeing pretty good growth in our auto insurance segment quarter-over-quarter, going from Q4 to Q1.

這是斯科特。我會先從保險開始，然後再把它扔回給團隊的其他成員以獲得勝利卡。但是，是的——關於保險的複蘇，我稱之為以及我一直稱之為的是我們正處於復甦的早期階段，就像復甦的第一局一樣。它正在發生。收入在上升。特別是有一家大型承運人，其支出總體上比其他承運人更為積極。目前，許多其他承運人仍在謹慎行事，但對話越來越樂觀。還有更多的對話。討論了微調器何時以及如何上升。運營商在某些州進行測試。但是 - 它 - 我們看到我們的汽車保險部門從第四季度到第一季度環比增長相當不錯。

And as we've been talking about, we've been focused on the unit economics and the VNB of our insurance business instead of trying to over-deliver on budget, which our asking for, we're focusing on the quality of traffic we're sending to clients and the profitability of that traffic. I think we're doing a very good job of that. Because carriers in general, given the carrier that's gotten a lot more aggressive, at some level, they're still conservative and concerned about profit very concerned about profitability, and it's not just like pedal to the metal. So I do expect the recovery to continue going to probably take 9 to 18 months until for like the entire industry, be fully back at full board, but it is happening, yes.

正如我們一直在談論的那樣，我們一直專注於我們保險業務的單位經濟性和 VNB，而不是試圖超額交付我們要求的預算，我們專注於我們的流量質量'發送給客戶以及該流量的盈利能力。我認為我們在這方面做得很好。因為總的來說，承運人，考慮到承運人變得更加激進，在某種程度上，他們仍然很保守並且關心利潤，非常關心盈利能力，這不僅僅是金屬的踏板。所以我確實預計復甦可能會持續 9 到 18 個月，直到整個行業完全恢復全食宿，但它正在發生，是的。

Jed, this is Trent. I'll add on economics on the win card. I guess what I'd say is the way that, that's going to work, obviously, we disclosed that we are doing that in partnership with Upgrade one of our partners. They will be managing all the balance sheet risk and the credit scoring, et cetera. We will get a substantial bounty for every card that we originate through our platform as well as an ongoing share of the interchange. But I guess as it relates to the financial impact of that, we obviously think it's positive, and it will be a contributor this year, but that is more than anything else as much about -- it is the first of many features that we think are differentiated and will help us continue to evolve the value prop for my lending tree and for our members and continue to drive engagement as we move forward. So expect more of these things as we progress throughout the year. And I would argue that that's -- that piece of it is as important, if not more important than the financial impact that we expect to see near term.

傑德，這是特倫特。我會在勝利卡上加上經濟學。我想我想說的是，這將起作用，顯然，我們透露我們正在與 Upgrade 我們的合作夥伴之一合作這樣做。他們將管理所有資產負債表風險和信用評分等。我們將為通過我們的平台製作的每張卡獲得豐厚的獎金，並獲得持續的交換份額。但我想，因為它與財務影響有關，我們顯然認為這是積極的，並且它將在今年做出貢獻，但這比其他任何事情都重要——這是我們認為的許多功能中的第一個差異化，將幫助我們繼續為我的貸款樹和我們的成員發展價值支撐，並在我們前進的過程中繼續推動參與。因此，隨著我們全年的進步，期待更多這些事情。我認為那是 - 它的一部分與我們預期在短期內看到的財務影響一樣重要，甚至更重要。

The only thing I would add to that is if you think about a normal credit card bounce in the industry, but then you can apply higher conversion rates to it, your unit economics should be higher. We believe we can actually market this as a separate (inaudible) proposition. And again, as part of -- my LendingTree as part of being part of -- my LendingTree, the 2% cash back, which I referred to as unlocked when you were logging in to MyLendingTree once a month, where you're going to be seeing actions you can take to improve your financial life. And we think that will really help MyLendingTree in total.

我唯一要補充的是，如果你考慮行業中正常的信用卡反彈，但你可以對其應用更高的轉換率，你的單位經濟效益應該更高。我們相信我們實際上可以將其作為一個單獨的（聽不見的）提議進行營銷。再一次，作為我的 LendingTree 的一部分，作為我的 LendingTree 的一部分，2% 的現金返還，當你每月登錄一次 MyLendingTree 時，我稱之為解鎖，你將在那裡看看你可以採取哪些行動來改善你的財務生活。我們認為這將真正幫助 MyLendingTree。

And just on a follow-up to Scott's comments about higher traffic. Insurance segment did have, I think, 38% VNM margins. I mean, is that the right way to look at the business in '23 then you're going to have the VMN margins above mid-30s?

以及 Scott 關於更高流量的評論的後續行動。我認為保險部門確實有 38% 的 VNM 利潤率。我的意思是，這是看待 23 世紀業務的正確方式嗎，那麼您的 VMN 利潤率將超過 30 多歲？

Yes. I would say as we look at '23, we would like to keep those margins in the mid- to high 30s. When the entire industry starts getting more aggressive, and I'm talking about from a carrier standpoint, what everyone's back in and playing and you may start going a little higher fruit on the tree where you're trying to get for revenue that is at lower margins. But honestly, in a lot of scenarios right now, that revenue isn't always the highest quality traffic and you have to run it at lower margins and the carriers in today's market aren't really begging for it. So we're not trying to force it down the throat so to speak. Sorry, you mid- to high 30s forever, like if you get into serious like top end revenue growth mode or like all the carriers start getting really aggressive that might change, but I don't foresee that in the next 6 to 9 months.

是的。我想說的是，當我們回顧 23 年時，我們希望將這些利潤率保持在 30 年代中高水平。當整個行業開始變得更具侵略性時，我是從運營商的角度談論的，每個人都回來玩什麼，你可能會開始在你試圖獲得收入的樹上結出更高的果實較低的利潤率。但老實說，在現在的很多情況下，收入並不總是最高質量的流量，你必須以較低的利潤率運營它，而當今市場上的運營商並不是真的在乞求它。所以可以這麼說，我們並沒有試圖強迫它下嚥。對不起，你永遠是 30 多歲的中高齡，就像你認真對待高端收入增長模式，或者像所有運營商開始變得非常激進，這可能會改變，但我預計在接下來的 6 到 9 個月內不會發生這種情況。

And Jed, based on Scott's commentary, I'd say, implied in our full year guide is pretty modest revenue growth based on what we're seeing today, sort of in the mid-single-digit percent range, but we do assume that those margins hold in kind of the mid- to high 30s. Obviously, that can evolve as the market evolves throughout the year, but that's our baseline expectation.

傑德，根據斯科特的評論，我想說，根據我們今天看到的情況，我們的全年指南暗示收入增長相當溫和，大約在個位數百分比範圍內，但我們確實假設這些利潤率保持在 30 年代中高水平。顯然，隨著市場全年的發展，這可能會發生變化，但這是我們的基本預期。

Our next question comes from Chris Kennedy with William Blair.

我們的下一個問題來自克里斯·肯尼迪和威廉·布萊爾。

Can you give us an update on your advertising initiatives that you started last year and kind of what your plans are going forward?

您能否向我們介紹一下您去年開始的廣告計劃以及您未來的計劃？

Sure. So the advertising we ran last year worked extremely well. It elevated our brand again to in the right direction across all of our metrics. One of the things that we're moving -- we're doing this quarter is implementing something we call multi-touch attribution, which uses data to allocate your marketing returns over the channels that you run. So right now, we're not looking at any significant brand investment because of the unit economics and where they are, it wouldn't make sense. However, with the win card, we do have Moly Shannon doing some fantastic video that we can do and put on YouTube and other sites. So we expect to use more of that and we can do that much more inexpensively than running big brand on TV. And that will happen as the unit economics get better and demand returns. But I'm guessing that's going to be when interest rates start to fall a little.

當然。所以我們去年投放的廣告效果非常好。它再次將我們的品牌提升到我們所有指標的正確方向。我們正在做的事情之一——我們本季度正在做的事情是實施我們稱之為多點觸控歸因的東西，它使用數據在你運行的渠道上分配你的營銷回報。所以現在，我們沒有考慮任何重大的品牌投資，因為單位經濟和它們在哪裡，這是沒有意義的。然而，有了勝利卡，我們確實讓 Moly Shannon 製作了一些我們可以製作並發佈在 YouTube 和其他網站上的精彩視頻。所以我們希望使用更多，而且我們可以比在電視上運行大品牌更便宜。隨著單位經濟效益的提高和需求回報的增加，這種情況將會發生。但我猜那將是利率開始略微下降的時候。

Okay. Very helpful. And then just an update on your capital allocation priorities for this year.

好的。很有幫助。然後只是更新您今年的資本分配優先事項。

Sure. So on capital allocation, so one thing that we're doing, first off, I don't see us doing any acquisitions. Trent can talk more about just other things. We are very, very focused on EBITDA, cash flow generation maintaining costs and then investing. One of the things that we've done is we've moved to a quarterly planning cycle where every 3 months, we are prioritizing initiatives based on where we expect the returns to be. And we're willing to make pivots inside of the quarter. And right now, we're working, as I said earlier, on improving conversion rates really across all of our products and all of our key initiatives, whether it be TreeQual, working to post-mortgage experience, the purchase initiative, the win card, those are all improving conversion rates, which improves customer satisfaction and it's more unit economic steel market against.

當然。因此，在資本配置方面，我們正在做的一件事是，首先，我認為我們沒有進行任何收購。特倫特可以談論更多的只是其他事情。我們非常、非常專注於 EBITDA、維持成本的現金流生成，然後進行投資。我們所做的其中一件事是，我們已經轉向每 3 個月的季度計劃週期，我們根據我們預期的回報來確定計劃的優先級。我們願意在本季度內進行調整。現在，正如我之前所說，我們正在努力提高我們所有產品和所有關鍵計劃的轉化率，無論是 TreeQual，還是致力於抵押後體驗、購買計劃、贏卡，這些都在提高轉化率，從而提高客戶滿意度，並且更符合單位經濟鋼鐵市場的要求。

Yes, I'll just add on to that. As it relates to the balance sheet, I mean our primary focus is on delevering. Obviously, all the things Doug just hit on are focused on driving near-term cash flows, and that is obviously an important part of it. But we are looking at sort of opportunistic ways to retire some of the debt on the balance sheet.

是的，我會補充一點。由於它與資產負債表有關，我的意思是我們的主要重點是去槓桿化。顯然，道格剛剛想到的所有事情都集中在推動近期現金流，而這顯然是其中的重要組成部分。但我們正在尋找某種機會主義的方式來償還資產負債表上的部分債務。

Our next question comes from Ryan Tomasello with KBW.

我們的下一個問題來自 KBW 的 Ryan Tomasello。

In the mortgage business, I think investors are trying to understand where trough performance shakes out for the core purchase and refi products. So maybe you could discuss at a high level how you're thinking about the glide path for that business what type of environment we would need to see for it to stabilize and recover from here? And if that's solely dependent on rates moving lower to spur refi or if you think the business has a line of sight to thrive in an environment where refi remains structurally depressed. And on the home equity side, given how much more significant that business has become, it would be helpful to understand how sustainable you think that performance is? And perhaps how much more runway there could be for growth?

在抵押貸款業務中，我認為投資者正試圖了解核心購買和再融資產品的低谷表現在哪裡。因此，也許您可以在高層討論您如何考慮該業務的下滑路徑，我們需要看到什麼樣的環境才能穩定下來並從這裡恢復？如果這完全取決於利率下降以刺激再融資，或者如果您認為企業有希望在再融資在結構性低迷的環境中蓬勃發展。在房屋淨值方面，鑑於該業務已變得更加重要，了解您認為該業績的可持續性如何會有所幫助？也許還有多少跑道可以促進增長？

Ryan, it's J.D. Thanks for the question. It's a good one. Obviously, when we think about the year ahead, we want to be able to manage the business without making a huge projection on where the market will go. The point being, we obviously have been through an awful lot in terms of rate increases and our partners are going through a lot. So one of the things that we track is the behavior of our partners and we watch loan officer counts at each of our partners because there was a ton of capacity, loan officer capacity that was added in 2020 and 2021. And in the consumer direct channel, which is the majority of our partners, right, as opposed to retail, they tend to focus on refinance.

Ryan，我是 J.D. 謝謝你的提問。這是一個很好的。顯然，當我們考慮未來一年時，我們希望能夠在不對市場走向做出巨大預測的情況下管理業務。關鍵是，我們顯然在加息方面經歷了很多，我們的合作夥伴也經歷了很多。因此，我們跟踪的其中一件事是我們合作夥伴的行為，我們觀察每個合作夥伴的信貸員人數，因為在 2020 年和 2021 年增加了大量的信貸員能力。在消費者直銷渠道中，這是我們大多數合作夥伴，對，與零售相反，他們傾向於專注於再融資。

In the environment like what we're -- what we went through in '22 and we continue to go through is really challenging in terms of getting the conversion rates that they need. And fundamentally, as you know, from all the MBA data, so there aren't that many Americans who would benefit from a refinance right now. So our assumptions are that refinance for all of '23 is de minimis. And that is why we are so focused on driving purchase. So how are we going to drive purchase? One of the things we've observed is that starting around the second quarter of 2020, our market share in purchase started to drop off. And it started to drop off largely because of the behavior of our partners, right? They were focused on refinance because it's converted and that was where they could make money.

在像我們這樣的環境中——我們在 22 年所經歷的以及我們將繼續經歷的事情在獲得他們需要的轉化率方面確實具有挑戰性。從根本上說，正如你所知，從所有 MBA 數據來看，現在沒有那麼多美國人會從再融資中受益。因此，我們的假設是，所有 23 年的再融資都是微不足道的。這就是為什麼我們如此專注於推動購買。那麼我們要如何推動購買呢？我們觀察到的一件事是，從 2020 年第二季度左右開始，我們在採購方面的市場份額開始下降。它開始下降主要是因為我們合作夥伴的行為，對吧？他們專注於再融資，因為它已經轉換，那是他們可以賺錢的地方。

And so critically, we looked at ourselves last year and said, okay, we've got to regain share in purchase. That's hard to do because purchase has a longer journey from when the consumer comes to our sites when they actually convert. One of the things we're trying to do is get better information as to where that consumer is in their process, right? If they are late in the funnel, closer to buying a home, closing on a home, we want to know that and share that information with our partners that will make them convert better. So that is our fundamentally, that is our strategy and why we're so focused on purchase because we're assuming that refi does not come back anytime soon.

至關重要的是，我們去年審視自己說，好吧，我們必須重新獲得購買份額。這很難做到，因為從消費者來到我們的網站到他們實際轉化之間，購買的過程更長。我們正在嘗試做的一件事是獲得有關消費者在他們的過程中所處位置的更好信息，對嗎？如果他們在漏斗中晚了，更接近購買房屋，關閉房屋，我們想知道這一點並與我們的合作夥伴分享這些信息，這將使他們更好地轉化。所以這是我們的根本，這是我們的戰略，也是我們如此專注於購買的原因，因為我們假設 refi 不會很快恢復。

We have been thrilled with the performance of home equity. 2 years ago, I don't think anybody in our company thought that the home equity product could reach the scale that it has reached. And what we're encouraged by is that many of our lender partners are adding that product. And so we're getting to real home equity, right? Historically, we talked about the fact that we had lenders who would buy volume from us of consumers interested in home equity and try and convince them to do a cash out refinance. That still goes on. It's just a lesser percentage than it used to be, right? And so the health of the home equity product is quite good. We're really happy with the progress that we've made there as a replacement we obviously would love to see an environment where we're not so dependent on it.

我們對房屋淨值的表現感到興奮。 2 年前，我認為我們公司沒有人認為房屋淨值產品可以達到現在的規模。令我們感到鼓舞的是，我們的許多貸方合作夥伴都在添加該產品。因此，我們將獲得真正的房屋淨值，對嗎？從歷史上看，我們談到了這樣一個事實，即我們的貸款人會從我們這里大量購買對房屋淨值感興趣的消費者，並試圖說服他們進行現金再融資。那還在繼續。只是百分比比以前少了，對吧？因此，房屋淨值產品的健康狀況非常好。我們對我們作為替代品取得的進展感到非常高興，我們顯然希望看到一個我們不那麼依賴它的環境。

Now one thing we obviously focus on with home equity is it is -- they are smaller loan sizes than typical purchase or refi. And so are the unit economics there. And that's one of the things we've been watching closely. The flip side of that is many of our lenders who are recently adding dialogue with lenders who think they can close more quickly on home equity. So automation is helping the growth in that market, which is great. So as you think about our guide, we've been very conservative with respect to refi. We do think there's just some pure market share in purchase. Purchase is always weak in the beginning of the year, and it will start to lift in March and April. We want to be prepared for purchase even.

現在我們顯然關注房屋淨值的一件事是 - 它們的貸款規模小於典型的購買或再融資。那裡的單位經濟學也是如此。這是我們一直在密切關注的事情之一。不利的一面是我們的許多貸方最近正在與認為他們可以更快地完成房屋淨值的貸方進行對話。因此，自動化正在幫助該市場的增長，這很好。因此，當您考慮我們的指南時，我們在 refi 方面一直非常保守。我們確實認為在購買方面只有一些純粹的市場份額。年初採購總是疲軟，三四月份開始抬升。甚至想做好購買的準備。

And then we've assumed that we can hold the performance of home equity. And we're just trying to navigate this home segment right now. I will tell you I had a lender say to me in early to mid-January, these last week was our best week in 7, and we were thrilled. But obviously, we've seen rates jump even since then, and we have to kind of navigate this cycle with our partners. So when you see a little bit of a give back in rates, we're encouraged not because all of a sudden, there's some huge pool of refinance, but we know that it does help our lenders with respect to lender health. And that's what I think we're going to be in for that for the remainder of '23. And our guide on home, we're very conservative there. We think that it's going to be entirely mostly home equity throughout the year.

然後我們假設我們可以持有房屋淨值的表現。我們現在正試圖在這個家庭細分市場中導航。我會告訴你，我在 1 月初到中旬有一位貸款人對我說，上周是我們 7 年來最好的一周，我們很激動。但顯然，從那時起我們就看到了利率上漲，我們必須與我們的合作夥伴一起駕馭這個週期。因此，當您看到利率有所回落時，我們感到鼓舞並不是因為突然間出現了一些巨大的再融資資金池，而是我們知道這確實有助於我們的貸方改善貸方的健康狀況。這就是我認為我們將在 23 年剩餘時間裡做的事情。而我們的家庭指南，我們在那裡非常保守。我們認為全年將完全是房屋淨值。

And the only thing I'd add to what J.D. said, just put a finer point on a couple of things. So just think about consumer behavior, you're coming in, looking to refinance your entire $400,000 house, you've got a mortgage rate from 4 years ago. That's where the consumer benefit doesn't make sense to refinance, but your home value has gone up, so second mortgage makes a lot of sense. Then you flip to the lender side. The last time we had home equity growth like this was literally like 2001 to 2009  until the housing market had a major correction as we all know. And it wasn't until losses from lenders mounted in the second mortgage business until they pulled back. And now what we're seeing is a resurgence of that. As J.D. said, some of our consumer direct lenders are getting back into that business. It can be highly automated oftentimes doesn't require complete appraisals. So if that gets re-automated, we expect that to help us out as refinance refinancing your entire mortgage share makes up.

我唯一要補充的是 J.D. 所說的，只是對幾件事提出了一個更好的觀點。所以想想消費者的行為，你進來了，希望為你的整個 400,000 美元的房子再融資，你有 4 年前的抵押貸款利率。這就是消費者利益對再融資沒有意義的地方，但你的房屋價值已經上漲，所以第二次抵押貸款很有意義。然後你轉向貸方。上一次我們的房屋淨值增長是在 2001 年到 2009 年，直到眾所周知，房地產市場出現重大調整。直到貸款人在第二抵押貸款業務中出現虧損，他們才撤回。現在我們看到的是這種情況的複蘇。正如 J.D. 所說，我們的一些消費者直接貸方正在重新涉足該業務。它可以高度自動化，通常不需要完整的評估。因此，如果它重新自動化，我們希望這能幫助我們解決問題，因為再融資會彌補您的全部抵押貸款份額。

I appreciate all that color. And then second one for me on the expense side. Can you put a finer point around the additional levers you have to pull from here pending how performance trends throughout '23, perhaps you could quantify a range of the additional costs that you think you could theoretically remove from the system -- and also what type of environment we would need to see in order for those plans to start to be more seriously considered.

我很欣賞那種顏色。然後是我在費用方面的第二個。你能否圍繞你必須從這里拉動的額外槓桿提出一個更好的觀點，等待整個 23 年的性能趨勢如何，也許你可以量化你認為理論上可以從系統中移除的一系列額外成本 - 以及什麼類型我們需要了解環境，以便開始更認真地考慮這些計劃。

Yes, I'll start and then I'll let Trent put some details I doubt we're going to give you a range, but I can tell you that we're continually looking at things. As we move to a more project-oriented company with our quarterly cycles I talked about, you are investing on a variable basis on a few things that you think are going to move the needle and then everything else is (inaudible) "fixed" and we're taking a continuous and very hard look at that. Trent?

是的，我會開始，然後讓特倫特提出一些細節我懷疑我們會給你一個範圍，但我可以告訴你我們一直在研究事情。當我們轉向一個更加以項目為導向的公司時，我談到了我們的季度週期，你在可變的基礎上投資一些你認為會推動針頭的事情，然後其他一切都是（聽不清）“固定的”和我們正在對此進行持續且非常認真的研究。特倫特？

Yes. I just sort of continue what Doug said, right? Look, we've obviously taken some actions throughout the last 12 months in the form of workforce reductions and otherwise. Really, when you get past advertising, which obviously we'll continue to look at and optimize the advertising line on it as well. But beneath that, the vast majority of our fixed expenses are people and our technology stack, right? And so some of those things are easier to move the needle on than others. But as Doug said, we sort of look at the body of work that we have going on and sort of the bets that we're placing and the discrete initiatives and we continue to kind of raise the hurdle rate as to what we fund and what we choose to invest in. And so relative to the commentary in the shareholder letter should unit economics in some of our core businesses continue to get tougher, we've got to raise that hurdle rate and draw a bit of a harder line as to what we're choosing to invest in. And so that's the approach that we're taking...

是的。我只是繼續道格所說的，對吧？看，在過去的 12 個月裡，我們顯然以裁員等形式採取了一些行動。真的，當你看到過去的廣告時，顯然我們也會繼續關注並優化它的廣告線。但在此之下，我們的絕大部分固定支出是人員和我們的技術堆棧，對吧？因此，其中一些事情比其他事情更容易推進。但正如 Doug 所說，我們在某種程度上審視了我們正在進行的工作，我們正在下注的賭注和離散的舉措，我們繼續提高關於我們資助的內容和內容的門檻率我們選擇投資。因此，相對於股東信中的評論，如果我們的一些核心業務中的單位經濟學繼續變得更加艱難，我們必須提高門檻，並就什麼問題畫出更強硬的界限我們正在選擇投資。這就是我們正在採取的方法......

Our next question comes from John Campbell with Stephens.

我們的下一個問題來自 John Campbell 和 Stephens。

Within Consumer, I mean, if we back out personal loans, credit cards and small business, I think that implied Consumer Other was up pretty sharp, I think, 28% year-over-year. That's now about 1/4 of the mix. So curious about what drove the strength there and how you're thinking about that other business within consumer for the rest of the year...

在消費者中，我的意思是，如果我們退出個人貸款、信用卡和小型企業，我認為這意味著其他消費者的增長非常快，我認為同比增長 28%。現在大約是混合的 1/4。很好奇是什麼推動了那裡的實力，以及您如何看待今年餘下時間消費者領域的其他業務......

Sorry, John, Consumer x personal loans and what else, I'm sorry?

對不起，約翰，消費者 x 個人貸款還有什麼，抱歉？

Ex Personal loans, credit cards and SMBs, just the ones -- the larger business you guys typically call out. I mean if I look at that kind of implied bucket of other, that's about a 28% growth rate. So really good results there. Just curious what drove that strength?

Ex 個人貸款、信用卡和 SMB，就這些——你們通常所說的更大的業務。我的意思是，如果我看一下那種隱含的其他桶，那大約是 28% 的增長率。那裡的結果真的很好。只是好奇是什麼驅動了這種力量？

Yes. So we've seen... Kind of under the hood growth in 2 areas. One, unsurprisingly would be our deposits business, right? As interest rates continue to rise, there's more interest in shopping around yields on checking, savings and CD rates. So that the relative scale of that is not huge, but that continues to be an area from a macro standpoint that we continue to see opportunity. The other area is in our credit services business, right? So we have both credit repair and debt relief where folks come to us and express interest in a personal line or in another product, perhaps don't meet the criteria for those loans, we offer subsequent solutions to them in the form of credit repair net- release based on their needs. And that's been an area that has grown a little bit throughout the last year.

是的。所以我們已經看到......在 2 個領域的幕後增長。第一，毫無疑問是我們的存款業務，對吧？隨著利率繼續上升，人們更願意圍繞支票、儲蓄和 CD 利率的收益率進行選購。所以它的相對規模並不大，但從宏觀的角度來看，這仍然是一個我們繼續看到機會的領域。另一個領域是我們的信貸服務業務，對嗎？所以我們既有信用修復也有債務減免，當人們來找我們並對個人線路或其他產品感興趣時，也許不符合這些貸款的標準，我們以信用修復網的形式為他們提供後續解決方案- 根據他們的需要發布。這是一個在去年有所增長的領域。

Okay. That's helpful. And then from a strategic standpoint, I guess also from a modeling standpoint, I saw you guys mentioned you're discontinuing the reverse mortgage business. I guess, first, why now? And then secondly, how much revenue did that contribute in 2022? And any kind of discussion on segment margin or VMM impact?

好的。這很有幫助。然後從戰略的角度來看，我想也是從建模的角度來看，我看到你們提到你們正在停止反向抵押貸款業務。我想，首先，為什麼是現在？其次，這在 2022 年貢獻了多少收入？關於細分市場利潤率或 VMM 影響的任何討論？

Yes, John, that business was one that we -- we stood up several years ago, and the opportunity there has been declining over the last several years. The regulatory environment for there is not particularly supportive. And to give you some sense, that was a business that was doing sub-$5 million in revenue for the last several years. So it's really not a needle mover. When you think about strategically sort of where we are in the business, we're really trying to simplify the business in many respects and focus in on the core value drivers, and that's one that relative to my comment earlier about raising the hurdle rate, they didn't quite need it, right? And so that's just a business where we can streamline focus and resources in the bigger priorities.

是的，約翰，這項業務是我們幾年前站起來的業務，但在過去幾年中，該業務的機會一直在下降。那裡的監管環境並不是特別有利。為了給你一些感覺，這是一家在過去幾年中收入低於 500 萬美元的企業。所以它真的不是針鋒相對的。當你從戰略上考慮我們在業務中所處的位置時，我們實際上是在努力在許多方面簡化業務並專注於核心價值驅動因素，這與我之前關於提高門檻率的評論相關，他們並不十分需要它，對吧？因此，這只是一項我們可以在更大的優先事項上簡化重點和資源的業務。

John, I just add, I think as Trent said, financially, it's not a needle mover, but what we're doing is looking at all of our businesses and saying, "Okay, what's the natural margin in this business? What's the opportunity in the business relative to the partner set -- and then what does it do in terms of burden on our fixed cost or impact on our fixed costs, right? So when we talk about our cost structure, these things are closely aligned, right? We're trying to make sure that we're in the right segments where we're getting maximum leverage off of our fixed costs. And if there is a cost -- a hidden cost aspect, right, associated with being in a business that's not delivering a big impact, we want to redeploy those fixed costs or cut them, right? And so it's obviously reverse in and of itself is not a big impact, but it's indicative of the scrutiny that we're putting into a whole business.

約翰，我只是補充說，我認為正如特倫特所說，在財務上，這不是一個針鋒相對的推動者，但我們正在做的是審視我們所有的業務，然後說，“好吧，這項業務的自然利潤率是多少？機會是什麼？在業務中相對於合作夥伴集——然後它在我們的固定成本負擔或對我們固定成本的影響方面做了什麼，對嗎？所以當我們談論我們的成本結構時，這些事情是緊密結合的，對吧？我們正在努力確保我們處於正確的細分市場，在那裡我們從固定成本中獲得最大的槓桿作用。如果有成本——一個隱藏的成本方面，正確的，與在一個業務中相關聯沒有產生重大影響，我們想重新部署或削減這些固定成本，對吧?所以它顯然是相反的，本身並不是一個很大的影響，但這表明我們正在對整個業務進行審查。

Our next question comes from Rob Wildhack with Autonomous Research.

我們的下一個問題來自 Autonomous Research 的 Rob Wildhack。

You called out some competitive factors on the credit card side. Obviously, a lot going on in that space, whether it's TreeQual or competing products, different business models. And now you even have a competitor paying out consumers who don't get approved. Bigger picture, can you just share how you think about the competitive landscape and positioning there and really the rationality of it all right now?

你在信用卡方面提出了一些競爭因素。顯然，這個領域發生了很多事情，無論是 TreeQual 還是競爭產品，不同的商業模式。現在你甚至有一個競爭對手向未獲得批准的消費者支付費用。更大的圖景，你能分享一下你對競爭格局和定位的看法，以及它現在的合理性嗎？

Rob, can you just -- could you repeat the last part of that question? I apologize it tailed off.

Rob，你能不能重複一下這個問題的最後一部分？我很抱歉它變慢了。

Oh, sorry. Yes. Just kind of curious how you're thinking about the competitive landscape in credit card and really the rationality of it with all these different offerings that are out there.

哦對不起。是的。只是有點好奇您如何看待信用卡的競爭格局，以及所有這些不同產品的合理性。

Sure. So at the end of the day, we're trying to -- we're coming at credit card where it is a small business relative to our portfolio of businesses relative to our competitors. And the competitor that you're mentioning is obviously Credit Karma, that's, I believe, what you're referring to when they talk about the guarantee where cards are assured. That's an extension of their lifebox preapproval. And they've just changed the birdie around it to assure somebody the degree of guarantee that they would actually get the card. Now why are we doing TreeQual? One, for consumers, we think it's a better outcome, right? We don't like a LendingTree consumer coming to our experience, clicking out and having effectively a 80-plus percent chance of being denied a card. That's not great for us, and it's fine for our partners because they only pay us on approvals, but it's not great for customer experience. So TreeQual started from that perspective.

當然。所以在一天結束時，我們正在努力 - 我們正在進入信用卡，相對於我們的業務組合，相對於我們的競爭對手，它是一個小企業。你提到的競爭對手顯然是 Credit Karma，我相信，當他們談論有保證的卡時，你指的是什麼。這是他們 lifebox 預先批准的延伸。他們剛剛改變了它周圍的小鳥，以向某人保證他們實際獲得卡片的保證程度。現在我們為什麼要做 TreeQual？第一，對於消費者來說，我們認為這是一個更好的結果，對吧？我們不喜歡 LendingTree 消費者來到我們的體驗中，點擊退出並實際上有 80% 以上的機會被拒絕發卡。這對我們不利，對我們的合作夥伴也無妨，因為他們只在獲得批准後才向我們付款，但這對客戶體驗不利。所以 TreeQual 從這個角度出發。

Now ultimately, though, for our partners to want to deal with Credit Karma and NerdWallet ourselves and others, they need to get volume, right? There's no point in working with us if they can't get volume from us. So we are, from a marketplace perspective, embarking on a strategy to increase the volume we can get them at a reasonable price. And so we just need to diversify the marketing channels to do that. TreeQual is going to rely on our -- my LendingTree base, right, largely. And then there are opportunities to use TreeQual in our existing experiences that we're actually quite excited about. So for instance, a consumer could be coming in and looking for a given product, let's say, they're looking for a personal loan, but the size of the loan they're looking for, it doesn't really make sense for a personal loan, and we can show them a card that they are preapproved for that we think would be a good experience for the consumer, and it's another opportunity to drive volume. And we need to get better there. Now core to your question, is the competition in the card space.

不過，現在最終，我們的合作夥伴想要自己和其他人處理 Credit Karma 和 NerdWallet，他們需要獲得數量，對嗎？如果他們不能從我們這裡獲得銷量，那麼與我們合作就沒有意義。因此，從市場的角度來看，我們正在著手一項戰略，以增加我們能夠以合理的價格獲得它們的數量。因此，我們只需要使營銷渠道多樣化就可以做到這一點。 TreeQual 將主要依賴於我們的——我的 LendingTree 基礎。然後有機會在我們現有的體驗中使用 TreeQual，我們實際上對此感到非常興奮。因此，例如，消費者可能會進來並尋找給定的產品，比方說，他們正在尋找個人貸款，但是他們正在尋找的貸款規模對於個人貸款，我們可以向他們展示一張他們預先批准的卡，我們認為這對消費者來說是一種很好的體驗，這是另一個提高銷量的機會。我們需要在那裡變得更好。現在你的問題的核心是紙牌領域的競爭。

Interestingly, we're coming into this where it's a very small part of our overall business. So any incrementality is improvement, right? That is a business that is in the -- from a margin perspective for us, it's -- it operates in the team. So if we can take market share and even just hold our current margin profile, which obviously we want to improve over time, we can see great gains in credit card that are meaningful for us, perhaps less meaningful for some of our competitors who started from card. So that's our strategy. Now when we talk about the competition, we probably talk about that competition more than others because we feel it more than others because we're so dependent on search.

有趣的是，我們正在進入這個領域，它只占我們整體業務的一小部分。所以任何增量都是改進，對吧？這是一項業務——從我們的利潤角度來看，它是——它在團隊中運作。因此，如果我們能夠佔據市場份額，甚至只是保持我們目前的利潤率狀況（顯然我們希望隨著時間的推移而改善），我們可以看到信用卡的巨大收益對我們來說意義重大，對於我們的一些競爭對手來說可能意義不大卡片。這就是我們的策略。現在，當我們談論競爭時，我們可能比其他人更多地談論競爭，因為我們比其他人更能感受到競爭，因為我們非常依賴搜索。

As we diversify our marketing mix for the card business, -- it won't be quite as profound, right? But that's where we are today, and we've been very candid about that. We need to improve that. So there are a number of aspects to it. There's a tech aspect, that's the light speed migration. There's a marketing aspect that's developing in the other channels. And then there's a new product aspect, and that is TreeQual. That's the strategy.

隨著我們對卡業務的營銷組合多樣化，它不會那麼深刻，對吧？但這就是我們今天所處的位置，我們對此非常坦誠。我們需要改進這一點。所以它有很多方面。有一個技術方面，那就是光速遷移。其他渠道正在開發營銷方面。然後是一個新的產品方面，那就是 TreeQual。這就是策略。

And the only thing I would add to that, if you -- first off, we relate to the credit card business. And the reason was because we didn't like the approval rate dynamics that J.D. just talked about. However, we did add or with an acquisition, and we're in it now. And we're just -- and now we're just continuing to make it better. So when I think of the competitive environment, we've got one competitor that's better at us and card SEO and another one that's better than us on approval rates because of light because of Carbon's white box. Our response to that is TreeQual, the win card the Lightspeed tech work that J.D. talked about and SEO on LendingTree. And the nice thing is with our competitors being public, we get to see the target of where we want to head, and we're very focused on it.

我唯一要補充的是，如果你 - 首先，我們與信用卡業務有關。原因是我們不喜歡 J.D. 剛剛談到的支持率動態。但是，我們確實添加了或進行了收購，我們現在就參與其中。我們只是 - 現在我們只是繼續讓它變得更好。因此，當我想到競爭環境時，我們有一個競爭對手更擅長我們和卡片 SEO，而另一個競爭對手在支持率方面比我們更好，因為 Carbon 的白盒。我們對此的回應是 TreeQual，這是 J.D. 談到的 Lightspeed 技術工作的勝利卡和 LendingTree 上的 SEO。好消息是我們的競爭對手公開了，我們可以看到我們想要達到的目標，並且我們非常專注於此。

That's really helpful. Just a quick one. I think we have some at least qualitative commentary on insurance and home as it relates to 23. Can you just close the loop and share where you're thinking on growth in consumer and margin or growth in consumer and the margin there for 2023?

這真的很有幫助。只是一個快速的。我認為我們至少對與 23 相關的保險和家庭有一些定性評論。你能否結束循環並分享你對 2023 年消費者和利潤率增長或消費者和利潤率增長的思考？

Yes, I mean, our baseline expectation as we kind of outlined in the letter from a revenue standpoint, again, sort of mid-single digits from a revenue growth standpoint and then we assume pretty consistent margin relative to what we saw last year.

是的，我的意思是，從收入的角度來看，我們在信中概述的基線預期再次從收入增長的角度來看是中個位數，然後我們假設相對於去年的利潤率相當一致。

Our next question comes from Melissa Wedel with JPMorgan.

我們的下一個問題來自摩根大通的 Melissa Wedel。

A lot of them have already been asked, but I thought it would be worth touching on -- following up on the consumer margin, definitely saw that nice pop in 4Q, your shareholder letter also referenced some organic growth from MyLendingTree there. So as we think about margin into '23, should we be thinking sort of mid-40s or a sort of a normalized run rate? Or are you looking at 4Q, given the current mix across products is something that's a more sustainable run rate?

他們中的很多人已經被問到，但我認為值得一提的是——跟進消費者利潤率，肯定在第四季度看到了不錯的增長，你的股東信也提到了那裡 MyLendingTree 的一些有機增長。因此，當我們考慮到 23 世紀的利潤率時，我們應該考慮 40 年代中期還是一種標準化的運行率？或者你在看第四季度，考慮到目前的產品組合是一個更可持續的運行率？

Yes, I'd say, Melissa, sort of mid- to high 40s. And if you unpack the moving pieces within that, right, you've got -- the personal loans business is a business that's incredibly high margin for us. The current environment with everything going on in the macro sort of rates moving higher and the health of the lenders in that space or just the orientation of the lenders in that space such that they are sort of protecting their current portfolios as opposed to interested in massive origination growth. The unit economics and personal loans are -- they're harder, right? And so we have to be conscious of the impact of that on the margin profile. Obviously, that's a big driver of the segment.

是的，我會說，梅麗莎，有點像 40 多歲。如果你打開其中的移動部分，那麼，你就會得到 - 個人貸款業務是一項對我們來說利潤率非常高的業務。當前的環境，宏觀利率正在走高，貸款人在該領域的健康狀況，或者只是貸款人在該領域的定位，因此他們在某種程度上保護了他們目前的投資組合，而不是對大規模投資感興趣起源增長。單位經濟和個人貸款——它們更難，對吧？因此，我們必須意識到這對利潤率的影響。顯然，這是該細分市場的重要推動力。

That said, there are other areas where we're seeing really good margins. All the work that we just talked about around the credit card business are clearly intended to improve the margins of that business because the margins there are not great today, but we're doing a lot of work that we think improves them. Small business is the other big driver within consumer. That's an incredibly high-margin business for us, and we think that is an increasing contributor to the segment as we progress throughout this year. And so to sum it all sort of -- I think we did 44% margins in consumer on the full year last year, we did 48% margins in the fourth quarter, somewhere between those 2 is our going-in expectation for '23.

也就是說，我們在其他領域看到了非常好的利潤率。我們剛才談到的信用卡業務的所有工作顯然都是為了提高該業務的利潤率，因為今天的利潤率並不高，但我們正在做很多我們認為可以提高利潤率的工作。小型企業是消費者的另一個重要驅動力。這對我們來說是一項令人難以置信的高利潤業務，我們認為隨著我們今年全年的進步，這對該部門的貢獻越來越大。因此，總而言之——我認為我們去年全年的消費者利潤率為 44%，我們在第四季度的利潤率為 48%，介於這兩者之間的是我們對 23 年的預期。

Okay, that's really helpful. Thanks, Trent. And then I guess, the follow up on TreeQual, are you able to share with us just sort of on an aggregate partner basis what percentage of partners are now participating in the TreeQual platform and what portion do you have left to convert?

好的，這真的很有幫助。謝謝，特倫特。然後我想，關於 TreeQual 的後續行動，您能否與我們分享在合作夥伴總數的基礎上，現在有多少合作夥伴參與了 TreeQual 平台，以及您還有多少部分需要轉換？

I am going to say deminimis as a percent of partners. It's in the single digit area right now. But it's actually not really how we're looking at it. We're looking at it as partners who can offer us broader coverage, right in terms of the cards that they represent, depending on whether that card is intended for super prime-prime, mid prime, or subprime. And so we want to be able to match up with partners who have an array of cards. That's why we're excited about getting upgrade onto the network, as mentioned in the letter, because they're bringing 5 cards to us.

我要說的是合作夥伴的百分比。它現在處於個位數區域。但這實際上並不是我們真正看待它的方式。我們將其視為可以為我們提供更廣泛覆蓋範圍的合作夥伴，就他們所代表的卡而言，這取決於該卡是用於超級 prime、mid prime 還是次級。因此，我們希望能夠與擁有一系列卡片的合作夥伴相匹配。這就是為什麼我們對升級到網絡感到興奮，正如信中提到的，因為他們給我們帶來了 5 張卡。

Obviously, over time we want to have all of our partners working on some form of TreeQual. And what we were excited about in the third and fourth quarter of last year, is the momentum in terms of just pipeline of dialogue with partners. We're getting more visibility as to how partners want to work with us. Right now, there's a path for TreeQual that is working with a third party, trusted third party that many of the card issuers work with today. They work with them on direct mail. And so that is kind of the easiest path and that was why we went down that path.

顯然，隨著時間的推移，我們希望我們所有的合作夥伴都致力於某種形式的 TreeQual。我們在去年第三和第四季度感到興奮的是與合作夥伴對話的公正管道方面的勢頭。我們越來越清楚合作夥伴希望如何與我們合作。現在，TreeQual 有一條與第三方合作的途徑，今天許多發卡機構都在與第三方合作。他們在直郵上與他們合作。所以這是最簡單的路徑，這就是我們走這條路的原因。

Not all of our partners, however, want to work with us that way, some of us want to do embedded integrations with us without a third party involved. And so that takes more time to work on from a technology perspective on both sides with us and the partner. But it's obviously a good outcome when we get there. So I'd say that the dialogue has increased, we're happy about upgrade, and we're happy with the existing partners and the results that they're experiencing. But as we look at our -- let's put it this way, the financial impact of TreeQual will manifest itself in credit card potentially down the road in personal loans. It is not in our '23 guide in any material way. We look at this as a year of onboarding partners. And we know that we will have a healthier credit card business on the back of it. But our guide is not dependent on incremental revenue from TreeQual.

然而，並非我們所有的合作夥伴都希望以這種方式與我們合作，我們中的一些人希望在沒有第三方參與的情況下與我們進行嵌入式集成。因此，從我們和合作夥伴雙方的技術角度來看，這需要更多時間來開展工作。但當我們到達那裡時，這顯然是一個好的結果。所以我想說對話增加了，我們對升級感到高興，我們對現有合作夥伴和他們正在經歷的結果感到滿意。但是當我們看我們的——讓我們這樣說時，TreeQual 的財務影響將在信用卡中體現出來，可能會在個人貸款中出現。它不以任何實質性方式出現在我們的 23 年指南中。我們將今年視為新入職合作夥伴的一年。我們知道我們將擁有更健康的信用卡業務。但我們的指南並不依賴於 TreeQual 的增量收入。

Our next question comes from Mike Grondahl with Northland Capital Markets.

我們的下一個問題來自 Northland Capital Markets 的 Mike Grondahl。

Hey, thanks guys. I wanted to dig into the strategy a little bit. I think the Tree branded Win Card is the first time you've put your name on a product. And you mentioned more products to come. Are you trying to put one of these Tree branded products in each vertical or how should we think about kind of the rollout in some of the new products that you said will be coming over the course of the year?

嘿，謝謝大家。我想深入研究一下這個策略。我認為 Tree 品牌的 Win Card 是您第一次將自己的名字印在產品上。你提到了更多的產品。您是否正在嘗試將這些 Tree 品牌產品中的一個放在每個垂直領域，或者我們應該如何考慮您所說的將在一年中推出的一些新產品的推出方式？

So I'll start and then I think J.D. will follow-up as well. So think of MyLendingTree, I've talked about this before as bringing the best customer experience to the consumer. And that's why we launched a branded card there as opposed to having our MyLendingTree members be clicking out to search for cards and not getting approved. We think it's a great product with a best in class, it is innovative. I've always wanted to do this but we hadn't found a set of offerings that we thought would be different in the industry. And now we think we have it and so this is -- so the Win Card can be another gateway to bring in MyLendingTree members.

所以我會開始，然後我認為 J.D. 也會跟進。所以想一想 MyLendingTree，我之前談過這個是為了給消費者帶來最好的客戶體驗。這就是我們在那裡推出品牌卡的原因，而不是讓我們的 MyLendingTree 會員點擊搜索卡而沒有獲得批准。我們認為這是一流的產品，具有創新性。我一直想這樣做，但我們還沒有找到一套我們認為在行業中會有所不同的產品。現在我們認為我們擁有它，所以這是 - 所以 Win Card 可以成為引入 MyLendingTree 成員的另一個途徑。

And it's also a way for MyLendingTree members to put a card in their wallet that we think is fantastic and that you could get approved that are very high rate for it. And in MyLendingTree you could expect us not necessarily to always do a single product offering but I would say that whatever we do on MyLendingTree, we want it to be the best in class product so that consumers come back to us again and again, without us having to be as dependent on paid marketing to continually drive people back into the marketplace. J.D., anything to add.

這也是 MyLendingTree 會員將我們認為很棒的卡放入錢包的一種方式，並且您可以獲得非常高的批准率。在 MyLendingTree 中，您可以期望我們不一定總是提供單一產品，但我會說，無論我們在 MyLendingTree 上做什麼，我們都希望它成為同類產品中最好的，這樣消費者就可以一次又一次地回到我們身邊，而無需我們必須依賴付費營銷才能不斷將人們帶回市場。 J.D.，有什麼要補充的。

The only thing I would add Mike is we spent a lot of time last year doing consumer research on what specific financial jobs consumers would trust us with. And so, we've got, as Doug mentioned, it's kind of a multiyear approach. We've got 8 or so products that we would expect to launch over a multiyear period. So don't expect 8 this year. But effectively, the winning part is the first one and the theme is really the adjacency, to why somebody came to LendingTree in the first place, and what somebody's -- what problem they're trying to address. So I don't think it's specifically going to be a product for every vertical area that we have. We will roll these out really relative to what we think is the most adjacent thing. We don't want it to become a feature factory, we want it to be things that genuinely add value for the consumer and drive engagement.

我唯一要補充的是邁克，去年我們花了很多時間進行消費者研究，了解消費者會信任我們的具體金融工作。因此，正如 Doug 所提到的，我們有一種多年期的方法。我們有 8 種左右的產品，預計將在多年內推出。所以不要指望今年有 8 個。但實際上，獲勝的部分是第一個，主題實際上是相鄰的，為什麼有人首先來到 LendingTree，以及某人的問題——他們試圖解決什麼問題。所以我不認為它會專門成為我們擁有的每個垂直領域的產品。我們將真正相對於我們認為最接近的東西推出這些。我們不希望它成為功能工廠，我們希望它成為真正為消費者增加價值並推動參與的東西。

And I was thinking about it earlier, you think about historically we talked about pushing our consumers in MyLendingTree to connect their accounts. And you could come in and use product to connect your accounts. And there was obviously potential benefit for us in terms of the information that we were gathering. But there wasn't really anything on the other side for the consumer. And if you think about what we're doing with the win Card, we're saying, here are these financial behaviors where we know you will be better off on the other side. And if you come in log in and show engagement with us, you'll get your cash back. And we know that we're going to improve your credit score and your access to other financial products over time. Our research showed that that would resonate with our consumer base, and with the consumers who we want to be in MyLendingTree.

我之前也在考慮這個問題，你想一想歷史上我們談到過在 MyLendingTree 中推動我們的消費者連接他們的賬戶。您可以進來並使用產品來連接您的帳戶。就我們收集的信息而言，顯然對我們有潛在的好處。但對於消費者來說，另一邊實際上沒有任何東西。如果你想一想我們用 win Card 做的事情，我們是說，這些財務行為我們知道你在另一方面會過得更好。如果您登錄並與我們互動，您將獲得現金返還。我們知道，隨著時間的推移，我們將提高您的信用評分和您對其他金融產品的訪問。我們的研究表明，這會引起我們的消費者群以及我們希望加入 MyLendingTree 的消費者的共鳴。

So the win Card is indicative of how we're trying to position ourselves with consumers, which is access to more products over time because of good sound financial behavior. And so you can envision that we're going to be helping consumers over time, address their debt stack, address which debts they should pay off first, that sort of thing. And really be an advocate for the consumer. That's where we want, that's where we want to be. We talk often internally about being a digital ally, for the consumer and the win Card is the start of that.

因此，win Card 表明我們如何嘗試在消費者中定位自己，即由於良好的穩健財務行為，隨著時間的推移可以獲得更多產品。所以你可以設想，我們將隨著時間的推移幫助消費者，解決他們的債務問題，解決他們應該首先償還哪些債務，諸如此類的事情。真正成為消費者的擁護者。那就是我們想要的地方，那就是我們想要的地方。我們經常在內部談論成為消費者的數字盟友，而 win Card 就是這一切的開始。

Got it, got it, thanks. And I'm trying to understand is it kind of a pivot or the beginning of a big new direction for you guys, legacy was sort of when banks compete, you win. And now it's more of a, hey, you might have a financial need me, and we got a product to meet that need, I'm just trying to understand that evolution?

知道了，知道了，謝謝我試圖理解這對你們來說是一個支點還是一個新方向的開始，傳統是當銀行競爭時，你贏了。現在更像是，嘿，你可能有經濟上的需要我，我們有一個產品可以滿足這種需要，我只是想了解這種演變？

Yes, so again, think of the marketplace in MyLendingTree, as you know, to as connected but also separate. So when you come to LendingTree, when banks can bring you in, you expect to see choice in comparison shopping, when you upgrade to MyLendingTree, you expect to get instantly approved, because we have all of your credit data, we've been giving you a free credit score probably for multiple months. And a lender integrated with us can do really interesting stuff on the underwriting side that you can't do in a click out model until TreeQual is fully there. And so MyLendingTree has just given you the best answer. And we've got a lot of really exciting things coming. And we think the Win Card is broad enough to cover really most of the credit spectrum, the approval rate aspect, improve the unit economics and the features of it are targeted to exactly what MyLendingTree is, which is a financial journey, an ally to help you improve your financial standing and get you the best offers at the lowest price.

是的，再一次，想想 MyLendingTree 中的市場，如您所知，既相互關聯又相互獨立。所以當你來到 LendingTree 時，當銀行可以帶你進來時，你希望在比較購物中看到選擇，當你升級到 MyLendingTree 時，你希望立即獲得批准，因為我們擁有你所有的信用數據，我們一直在提供您可能會獲得數月的免費信用評分。與我們整合的貸方可以在承保方面做一些非常有趣的事情，而在 TreeQual 完全存在之前，您無法在點擊模型中做這些事情。所以 MyLendingTree 剛剛給了你最好的答案。我們有很多非常令人興奮的事情即將到來。我們認為 Win Card 足夠廣泛，可以涵蓋大部分信貸範圍、批准率方面、提高單位經濟效益，它的功能正是針對 MyLendingTree 的，這是一次金融之旅，是幫助的盟友您可以提高財務狀況並以最低的價格獲得最好的報價。

And Mike just from a marketplace strategy perspective, one of the things we talk about internally is degree of authentication. So if you look at our personal loans vertical, our partners and we're delivering a highly authenticated consumer. That is true in mortgage as well. That is only true to an extent in insurance, that is not true in credit cards, that is not true in deposits, okay. Those are quick out businesses, where we're not really delivering a lot of information on the consumer. We are authenticated in small business. We spend a lot of time talking about how much value are we delivering to our partners in terms of the type of information on that consumer where they can make informed lending decisions. So that's the strategy within marketplace, our marketplace businesses, I should say.

邁克只是從市場戰略的角度來看，我們在內部討論的其中一件事就是認證程度。因此，如果您查看我們的垂直個人貸款，我們的合作夥伴和我們正在提供經過高度驗證的消費者。抵押貸款也是如此。這僅在一定程度上適用於保險，信用卡並非如此，存款並非如此，好吧。這些都是快速退出的業務，我們並沒有真正提供有關消費者的大量信息。我們在小型企業中獲得認證。我們花了很多時間討論我們為合作夥伴提供了多少關於消費者的信息類型，他們可以在這些信息中做出明智的貸款決定。所以這就是市場中的戰略，我應該說我們的市場業務。

If you think about the strategy that Doug is articulating for MyLendingTree, it's very consumer centric. And historically we have been guilty of really thinking about MyLendingTree as more of a marketing channel. So if part of your question is, is this a pivot, I would say that this is a meaningful change in terms of how we think about MyLendingTree. And what you're seeing is the beginning of the work that's been going on for the last year, in terms of where we want to play on the MyLendingTree side, how we want to help consumers.

如果您考慮一下 Doug 為 MyLendingTree 闡述的策略，它非常以消費者為中心。從歷史上看，我們一直認為 MyLendingTree 更像是一個營銷渠道。因此，如果您的部分問題是，這是一個支點，我會說，就我們對 MyLendingTree 的看法而言，這是一個有意義的變化。你所看到的是去年一直在進行的工作的開始，就我們想在 MyLendingTree 方面發揮作用的地方而言，我們希望如何幫助消費者。

And while marketplace may have a slightly different strategy that is very oriented towards partners, and what they want to see, you can understand how the 2 interact. At the end of the day TreeQual is all about authentication in the marketplace. The Win Card, but it's also on the consumer side about giving you an assured outcome, as opposed to a potential denial. The Win Card is about that as well. And so I actually think the 2 strategies work hand in hand quite well and that's actually the best approach that we could take.

雖然 marketplace 可能有一個略有不同的策略，它非常面向合作夥伴，以及他們想要看到的東西，但你可以理解這兩者是如何相互作用的。歸根結底，TreeQual 就是市場上的認證。 Win Card，但它也在消費者方面為您提供有保證的結果，而不是潛在的拒絕。 Win Card 也是如此。所以我實際上認為這兩種策略可以很好地協同工作，這實際上是我們可以採用的最佳方法。

(Operator Instructions) Our next question comes from James Friedman with Susquehanna International Group.

（操作員說明）我們的下一個問題來自 Susquehanna International Group 的 James Friedman。

Good results in a difficult environment. I just wanted to ask if you could possibly Trent, double click on the assumptions on Page 8 in the shareholder letter. Especially or specifically, if you could with regard to the quarterly cadence. I realized we had the first quarter, we've got the year, but some of these segments have what looked like increasingly easy comps, so since we have to cauterize our models for this year, any call outs you could make on the segments by quarter?

在困難的環境中取得好成績。我只是想問你是否可以特倫特，雙擊股東信中第 8 頁的假設。特別是或特別是，如果你可以關於季度節奏的話。我意識到我們有第一季度，我們有一年，但其中一些細分市場的組合看起來越來越簡單，所以由於我們必須為今年的模型燒灼，您可以通過以下方式對細分市場進行任何標註四分之一？

Yes, totally fair question. Obviously, the Q1 guide, relative to the full year guide implies some improvement throughout the year. A couple of things going on there. I guess, in consumer, many of those businesses have a seasonal curve to them were things generally improved from Q1 to Q2 to Q3 and then slowed down a little bit in the fourth quarter. We see that in credit card generally, we see that in personal loans, for sure. And so that's driving some of the sequential improvement that's implied as we progress throughout the year. The other big one is obviously within Home and within mortgage in particular, given our increased reliance on purchase within that business, that's a business that clearly we expect to be better in the spring and summer home buying season than in the first couple months of the year.

是的，完全公平的問題。顯然，相對於全年指南，第一季度指南意味著全年有所改善。那裡發生了幾件事。我想，在消費者領域，許多業務都有季節性曲線，從第一季度到第二季度到第三季度，情況普遍有所改善，然後在第四季度有所放緩。我們通常在信用卡中看到這一點，我們肯定在個人貸款中看到這一點。因此，隨著我們全年的進步，這推動了一些連續的改進。另一個大的顯然是家庭內部，特別是抵押貸款，鑑於我們越來越依賴該業務中的購買，我們顯然預計該業務在春季和夏季的購房季節會比前幾個月更好年。

I show no further questions at this time. I would now like to turn the conference back to Doug for closing remarks.

我現在沒有進一步的問題。我現在想把會議轉回 Doug 作閉幕詞。

I'll make this brief. This company right now, as I characterize 2023 is really the year of discipline and execution. I want to also everybody to know that we're confident in our position, we have been through this twice before as financial markets have corrected. This is a longer one. And the diversification that we have put in place over the last few years has certainly helped bulwark the company in what's a very, very tough environment. And what I can tell you is this entire company doesn't like to lose, we love winning.

我會做這個簡短的。這家公司現在，正如我所描述的那樣，2023 年確實是紀律和執行的一年。我還想讓每個人都知道，我們對自己的立場充滿信心，在金融市場調整之前，我們已經經歷過兩次。這是一個更長的。我們在過去幾年中實施的多元化無疑幫助公司在非常、非常艱難的環境中站穩了腳跟。我可以告訴你的是，整個公司都不喜歡輸，我們喜歡贏。

We are very focused, teams are all working hard, we're getting stuff done at the lowest cost as fast as possible with new ways of working together and the team, the entire company is highly energized. We're trying to -- we're getting people back to the office post-COVID and we feel very, like very confident that we can win in a highly competitive market. Our brand is strong, our marketing is working well. We've got teams working on the key levers of the business with dedicated projects against them as we talked about and we look forward to working with you throughout the year and thank you for your support so far, and we're going to go get back to work and do the best we can. Thank you all very, very much.

我們非常專注，團隊都在努力工作，我們正在通過新的合作方式盡快以最低的成本完成工作，整個團隊都充滿活力。我們正在努力——我們正在讓人們在 COVID 後回到辦公室，我們感到非常、非常有信心我們能夠在競爭激烈的市場中獲勝。我們的品牌很強大，我們的營銷運作良好。正如我們所說，我們有團隊致力於業務的關鍵槓桿，並針對他們開展專門的項目，我們期待全年與您合作，感謝您迄今為止的支持，我們將獲得回去工作，盡我們所能。非常非常感謝大家。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。